A country's GNP will definitely exceed its GDP if ________ foreign companies produce in the country and ________ of the country's companies produce abroad.
A. many; none
B. no; many
C. no; none
D. many; many
Answer: B
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John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517John's benefit from his first hour cleaning windows is:
A. $7 B. $14 C. $18 D. $2.
Which would be an example of a price ceiling?
A) rent controls. B) a legally-specified maximum interest rate on student loans. C) government-mandated lower prices and fees charged by physicians. D) all of the above. E) none of the above.
Conflict resolution of the manager-stockholder conflict in larger market-oriented firms is most effectively accomplished by
A) financial intermediation (monitoring). B) financial intermediation (ownership consolidation). C) rating agencies. D) managerial compensation.
Suppose the demand for good X can be represented by the following equation: X d = 22 - (1/4)P. Furthermore, suppose that the demand for good Y can be represented by Y d = 50 - P.
(A) Find the elasticity of demand for both good X and good Y when the price is $10. (B) Suppose that an ad valorem tax is placed on both goods. Good Y is taxed at a rate of 5%. To ensure that the inverse elasticity rule holds, what must be the rate at which good X is taxed? Reminder: Elasticity at a given price is found using the formula ? = -(1/S)(P/X), where S is the slope of the demand curve, X is the quantity demanded, and P is the price.